North America Recreational Vehicle Market Expected to Hit Value of US$ 26.19 Billion by 2024

The soaring recreational vehicles markets of U.S and Canada are expected to change the face of the North America recreational vehicles market in the forthcoming years

The North America recreational vehicles market is expected to expand at a value CAGR of 7.9% during the forecast period. The U.S. is the largest market for recreational vehicles and was estimated to hold more than 80% share of the market till 2016 end. The North America recreational vehicles market is estimated to cross US$ 26,100 Mn by the end of the assessment period. The market is also likely to showcase a considerable incremental dollar opportunity till the end of 2024. By volume, the North America recreational vehicles market is anticipated to register a CAGR of 5.8% and is likely to go above 583,000 units by the end of the foreseen period.

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North America is nurturing a trend of becoming more eco-friendly, and when it comes to recreation, using eco-friendly recreational vehicles has become very popular in the region. Manufacturers are offering recreational vehicles with more fuel efficiency and improved design. Recent models of recreational vehicles are equipped with fuel-efficient diesel engines and lighter composites, which could improve the overall fuel efficiency and contribute to reduced emissions. The North America recreational vehicles market is slated to witness significant growth in the hybrid recreational vehicle segment. Hybrid models of recreational vehicles are the combination of diesel engines and batteries. Like hybrid cars, these recreational vehicles depend on battery power for slower driving, and both the diesel engine and battery for higher driving speeds.

The role of U.S and Canada in the growth of the North America recreational vehicles market

Over the next few years, U.S is expected to drive revenue growth of the North America recreational vehicles market. The Canada recreational vehicles market will also exhibit significant growth in the years to come. Canada will gain more than 15 BPS and is expected to hold more than 10% share of the North America recreational vehicles market till the end of the foreseen period. On the other hand, U.S might lose more than 10 BPS, but it will occupy more than 80% share of this regional market till the end of 2024. In terms of CAGR, Canada is more lucrative than the U.S. in the North America recreational vehicles market; however, the U.S. is a more attractive market in terms of market share owing to growing personal disposable income levels and tax relaxation.

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Segmental performance analysis of the U.S and Canada recreational vehicles market

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U.S:

• The motorhomes segment is expected to record more than 500 BPS in the U.S. recreational vehicles market between 2016 and 2024, accounting for more than 40% value share by the end of 2024. The motorhomes segment is estimated to register significant growth over the forecast period
• In terms of volume, the motorhomes segment is estimated to cross 43,900 units by 2016 end and is expected soar beyond 77,200 units by 2024, exhibiting a volume CAGR of 7.3% over the forecast period
• Travel trailers & campers segment revenue is expected to increase 1.7X by 2024 as compared to that in 2016
• In terms of volume, the travel trailers & campers segment is estimated to reach 14,003 units by 2016 end and is expected to increase to 23,636 units by 2024, exhibiting a volume CAGR of 6.8% over the forecast period
• The aluminum segment is expected to emerge as a relatively attractive segment by exterior construction material

Canada:

• Travel trailers & campers segment is expected to emerge as a relatively attractive market in terms of value over the forecast period
• The camping trailers segment is expected to lose more than 8 BPS in the Canada recreational vehicles market between 2016 and 2024
• Motorhomes segment is anticipated to cross US$ 1,200 Mn by the end of 2024, registering a CAGR of 10.2% over the forecast period. This segment is expected to create incremental $ opportunity close to US$ 700 Mn between 2016 and 2024
• Conventional travel trailers segment revenue is projected to increase 1.5X by 2024 as compared to that in 2016
• The aluminum segment is expected to gain more than 70 BPS in the Canada recreational vehicles market between 2016 and 2024
• The fiberglass segment is estimated to register significant growth over the forecast period

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